I will be voting NO on the Rules package with #PayGo. It is terrible economics. The austerians were wrong about the Great Recession and Great Depression. At some point, politicians need to learn from mistakes and read economic history. @paulkrugman @StephanieKelton @RBReichhttps://twitter.com/GunnelsWarren/status/1080318713331617792 …
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The Federal Reserve controls the money supply; the Federal Treasury does not print revenue. The US raises money for deficit financing by floating bonds and we must pay interest on those bonds. Again, it wiser and easier to use progressive taxation.
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Inflation is a huge factor and we have a massive amount of it right now. CPI is a BS metric, manipulated by government to hide their theft of the people’s purchasing power. /1
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When money is created out of thin air, it’s lended to banks at very low interest, then loaned to the wealthy and large corporations, then invested in ASSETS like the stock market, real estate, & other investments... you know like the longest bull market in history...
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FYI this is why there’s growing wealth inequality, because the wealthy obtain & spend the new money before the inflation is accounted for in the economy. Under fiat, whoever spends new money first wins... /3
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Its also the primary factor in Consumer Culture that many on the Left constantly bitch about, since you have to spend NOW (as well as go into debt) to stay ahead of the curve, as saving money is impossible (since it loses purchasing power constantly).
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Exactly but I would argue that 95% of Republicans share a similar view of economics. They think spending grows the economy when in fact it is savings & investment that do.
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Too true. Both wings of the Welfare/Warfare Party are addicted to spending worse than a drunken sailor in a whorehouse (which, whorehouse is an apt descriptor of Mordor on the Potomac).
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AND the US is in a particularly strong position as the issuer of the world's reserve currency. That adds to the strength of the Fed's spending power.
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There are already serious attempts around the world to get around that "reserve currency" status; acting as if we can create wealth out of thin air on a ledger sheet only adds to that impetus. It's a great danger when the powerful come to think that they're omnipotent.
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The operating constraints are our natural resources and our ability to refine those resources into goods
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Yeah. Money is a measuring stick. No carpenter was ever denied a job because the foreman ran out of inches.
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No. Your money has to be backed by something.
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So what would happen if world stop buying USA debt? If world feels that USA is using its fiat to dilute debt, it would stop buying USA bonds. It will lead to hyper inflation. Word ain’t that simple man!
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That is a remarkably irresponsible thing to say. That's an old canard you're pitching and dangerous.
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Points in bowling are worthless so if you want a dollar that is just as worthless this is the correct path.
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This is the most ignorant post I’ve read all day.
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